MentalNote
Registered User
- Messages
- 87
Hi all,
I am looking for some advice on buying out my ex following our break up.
We bought a house nearly 3 years ago for €307K. We subsequently broke up.
My SSIA is due to mature next year. I have been paying the full whack for the whole time so am due about €20K minus some a few grand debts to clear. I am starting to look at my options.
If I buy her out I assume I get a new mortgage. Now there is no way I can afford the mortgage on the house based on my salary. What am wondering is how much does the appreciation of the value of the house affect this?
Say the house is now worth €420K. The mortgage is €280K. So thats
420-280 = 140/2 = 70 (ignoring fees/charges for simplicity).
So I need a mortgage of 280 + 70 = 350 to buy her out.
First off is this correct? And more to the point:
(1) Can I use the fact that I have been able to rent rooms for the last three years to increase my mortgage?
(2) Can I use the equity in the house to increase the mortgage? How doe sit work?
(3) Obviously I can use my SSIA to reduce the amount I need to borrow.
Any help or pointers would be really appreciated.
I am looking for some advice on buying out my ex following our break up.
We bought a house nearly 3 years ago for €307K. We subsequently broke up.
My SSIA is due to mature next year. I have been paying the full whack for the whole time so am due about €20K minus some a few grand debts to clear. I am starting to look at my options.
If I buy her out I assume I get a new mortgage. Now there is no way I can afford the mortgage on the house based on my salary. What am wondering is how much does the appreciation of the value of the house affect this?
Say the house is now worth €420K. The mortgage is €280K. So thats
420-280 = 140/2 = 70 (ignoring fees/charges for simplicity).
So I need a mortgage of 280 + 70 = 350 to buy her out.
First off is this correct? And more to the point:
(1) Can I use the fact that I have been able to rent rooms for the last three years to increase my mortgage?
(2) Can I use the equity in the house to increase the mortgage? How doe sit work?
(3) Obviously I can use my SSIA to reduce the amount I need to borrow.
Any help or pointers would be really appreciated.